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Pier 1 will close all 540 stores, including 6 in Mississippi

Pier 1 Imports Inc. announced on Tuesday that it will close its remaining 540 stores across the nation, including its six outlets in Mississippi.

Pier 1 announced in January that two stores in Mississippi, including one in Ridgeland, which closed Jan. 28, were to be among the 450 stores the chain would close in an effort to preserve the chain’s viability.

The Pier 1 in Tupelo was to close in April. The other stores in the chain are located in Flowood, Hattiesburg, Southaven and Gulfport.

The chain, which was founded in 1962, will close the remaining stores after it failed to find a buyer.

The chain blamed the corona virus pandemic for being the final straw.

The Fort Worth-based retailer on Tuesday sought bankruptcy-court approval to wind down its operations as soon as possible after its roughly 540 stores are able to reopen their doors and liquidate inventory.

Pier 1, which filed for chapter 11 bankruptcy in February, temporarily closed its stores in March due to the pandemic.

“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Pier 1 said.

Last week J.C. Penney Co. filed for bankruptcy and now is racing against the clock to settle with creditors and convince them it can be profitable again, according to The Wall Street Journal.

It will permanently close nearly 30 percent of its 846 stores as part of a restructuring plan under bankruptcy protection. The Texas-based retailer said Monday it plans to close about 192 stores by February, then another 50 in 2022. That will leave the company with just over 600 stores.

The retailer has nine stores in Mississippi. They are in Ridgeland in Northpark Mall, Flowood, Biloxi, Greenwood, Hattiesburg, Laurel, Southaven, Starkville and Tupelo.

The company has not disclosed which stores among the 242 will be closed.

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